BREAKING NEWS Commonwealth Bank reveals surprising generation that's spending the most during an inflation crisis - and it's NOT boomers Aussies on their forties are biggest spenders By STEPHEN JOHNSON, ECONOMICS REPORTER FOR DAILY MAIL AUSTRALIA Published: 01:32 GMT, 19 November 2024 | Updated: 01:33 GMT, 19 November 2024 e-mail 2 View comments Aussies in their forties are the biggest spenders during an inflation crisis, new Commonwealth Bank customer data has revealed. Australia's biggest bank has released data from 7million consumers showing the young are cutting back on everyday spending. Those under 40 are have slashed their spending during the past year while those over 60 have seen their spending accelerate at a level beyond the inflation rate.
But when it comes to who is spending the most on essential goods and services and the occasional luxury, the middle-aged are spending the most per month. Millennials are splurging even more than the Baby Boomers, often stereotyped as the biggest spenders. Those aged 40 to 49 spent $3,443, on average, on essentials and discretionary items, with this age group born from 1975 to 1984 including older Millennials and younger Generation X consumers.
The Commonwealth Bank's Generation X customers in their fifties, born from 1965 to 1974, were the next highest spenders running up an average bill of $3,257. Baby Boomers in their sixties, born from 1955 to 1964, were third on the list with an average monthly spend of $2,901. Aussies in th.